Losses in Tier-one banking stocks on Friday dragged market indices into negative territory, resulting in a N56 billion loss for investors.
Specifically, sell-offs in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank, Wema Bank, as well as Nestle and African Prudential, contributed to the market decline.
Consequently, the market capitalisation, which opened at N56.479 trillion, dropped by N56 billion or 0.10 per cent, closing at N56.423 trillion.
The All-Share Index also decreased by 0.10 per cent or 100 points, settling at 99,743.05, down from 99,842.94 in the previous session.
Market breadth ended negative with 26 laggards against 23 gainers on the Exchange floor.
On the gainers’ side, International Breweries led with a 10 per cent increase to close at N4.40. Thomas Wyatt followed with a 9.95 per cent rise to N2.10, Chams gained 9.86 per cent to N2.34 per share, Champion advanced by 9.83 per cent to N3.91, and John Holt increased by 9.66 per cent to N2.61 per share.
Conversely, Multiverse led the losers’ log by dropping 9.68 per cent to N11.20. RT Briscoe followed with a 7.46 per cent decline to 62k per share, Sunu Assurances fell 6.25 per cent to N1.20, NEM Insurance dropped 5.95 per cent to N7.90, and Fidelity Bank fell 4.81 per cent to N9.90 per share.
Meanwhile, market activity analysis showed a lower trade turnover compared to the previous session, with transaction values down by 55.20 per cent.
Investors traded 617.22 million shares valued at N11.35 billion in 9,273 deals, compared to 1.3 million shares valued at N25.33 billion in 8,364 deals on Thursday.
FBN Holdings led the activity log in both volume and value with 207.91 million shares worth N4.57 billion. GTCO followed with 58.55 million shares valued at N2.6 billion, Veritas Kapital sold 57.59 million shares worth N55.20 million, AIICO Insurance traded 46.83 million shares valued at N45.17 million, and Fidelity Bank transacted 38.44 million shares worth N392.17 million.
